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PO With Invoice Paid by Owner?
10-29-2018, 11:08 PM (This post was last modified: 10-29-2018 11:08 PM by VortecCPI.)
Post: #1
PO With Invoice Paid by Owner?
We needed a few parts for Demo/Promo and I ordered them with my own credit card as we do not have an account with the supplier yet and we needed them ASAP.

I created a PO and received them into stock and though we have an invoice it is paid in full because I used my own credit card.

So... Now these parts show up for other invoices when choosing PO as a source for line items.

What is the best and proper way to get QtyInvoiced set in the GRNs table? Do I create an invoice with costs of 0? Do I create an invoice with costs and add a GL line item with negative total value to Owner's Capital Contributions?

As usual I may be overcomplicating this so any help is greatly appreciated...

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10-30-2018, 01:41 AM
Post: #2
RE: PO With Invoice Paid by Owner?
You should raise an invoice with the true prices from the supplier on. What happens to that invoice depends on whether/how you are to be reimbursed. I think the best thing to do is to make "directors loans" a bank account, and then pay the invoice from that bank account. Then if you want you can always journal that to the capital contributions account if you want.

Tim
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10-30-2018, 02:29 AM
Post: #3
RE: PO With Invoice Paid by Owner?
Thank you Tim -- Another very good idea. We have done this in the past by paying rent from this account and I forgot about it.

As always thank you so much for your help and input!

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